The new UK Government has been formed. Despite the Labour Party’s campaign and pledges around keeping tax rises to a minimum, expert opinion suggests that future rises are inevitable. The inevitability of higher taxes For the foreseeable future, the freeze on most tax thresholds is likely to remain in place. The thresholds’ freeze means that […]

Private equity investment has been a significant force in the financial world for some time. However, the nature of private equity has changed considerably in the last few years and it’s worth knowing how this may affect your business. Background                              Traditionally, private equity involved investment firms raising funds from investors to acquire stakes in companies.

We often find that clients begin to show signs of stress when the Self-Assessment tax return deadline approaches. This is just one of the reasons we recommend you file your return early, but there are numerous other benefits. Here are three key reasons to consider submitting your tax return sooner rather than later: Avoid last-minute

HM Revenue & Customs (HMRC) has recently announced new Advisory Fuel Rates (AFRs) that will take effect from 1 June 2024. These changes include a reduction in the Advisory Electric Rate (AER) for electric vehicles – which can be highly tax efficient. Many businesses have invested in electric fleets, which presents a slight problem for

As of 1st May 2024, Companies House has implemented revised fees, marking a significant change in the cost structure for various services. This adjustment stems from the Economic Crime and Corporate Transparency (ECCT) Act, introducing measures that inevitably increase operational costs for Companies House. Understanding the impact The fee revisions encompass a range of services,

HM Revenue & Customs (HMRC) has warned that a new wave of fraudulent text messages is targeting taxpayers using iPhones, claiming that recipients are owed tax refunds and must supply personal information to receive them. Some recipients are also being asked to follow a link to access their refund, which is disguised to appear legitimate.

The Consultative Committee of Accountancy Bodies (CCAB) has released the 2024 edition of its Statement of Recommended Practice Accounting (SORP) for Limited Liability Partnerships (LLPs). CCAB is appointed by the Financial Reporting Council (FRC) to oversee the SORP for LLPs, ensuring that such businesses can present financial statements and accounts similar to those of other

HM Revenue & Customs (HMRC) has issued its updated guidance on salaried members in limited liability partnerships (LLPs), in relation to capital contributions. Currently, LLPs incorporate elements of both partnerships and limited companies, limiting the liabilities of each partner to the amount of capital they put into the business. Partners are typically considered to be

With the 6 July deadline nearing, it is essential to understand the updated reporting requirements for Class 1 National Insurance Contributions (NICs) on benefits in kind (BIKs). Employers offering benefits, such as private healthcare, living accommodation, travel expenses, and company cars must report additional NICs through the payroll process or on a P11D form. Significant

Child benefit supports parents or guardians of children under 16, or under 20 if in approved education, by contributing towards the costs of raising them. Since January 2013, the High Income Child Benefit Charge (HICBC) affects those earning above a specific threshold but this was revised in the Spring Budget 2024. Initially, families with one